3 季度业绩低于预期，主要因佣金收入低于预期，反映百亿减免政策落地对佣金率带来的短期影响。预计4 季度佣金率下降影响持续，扰动利润增长预期。我们下调2024/25 年利润5%/7%，基于2025 年10 倍市盈率（前为13 倍，反映利润增长不确定性及海外关税政策风险），目标价从188 美元下调至144 美元。现价对应2025 年7 倍市盈率，维持买入。3 季度收入同比增44%至993.5 亿元（...
Source Link3 季度业绩低于预期，主要因佣金收入低于预期，反映百亿减免政策落地对佣金率带来的短期影响。预计4 季度佣金率下降影响持续，扰动利润增长预期。我们下调2024/25 年利润5%/7%，基于2025 年10 倍市盈率（前为13 倍，反映利润增长不确定性及海外关税政策风险），目标价从188 美元下调至144 美元。现价对应2025 年7 倍市盈率，维持买入。3 季度收入同比增44%至993.5 亿元（...
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